MarketAxess Holdings Inc. (MKTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución del comercio electrónico de bonos, MarketAxess Holdings Inc. (MKTX) surge como una fuerza transformadora, revolucionando cómo las instituciones financieras navegan por la dinámica del mercado compleja. Al aprovechar la tecnología de vanguardia y las innovadoras plataformas digitales, esta empresa pionera ha redefinido la liquidez del mercado, la transparencia y la eficiencia comercial en los mercados globales de ingresos fijos. Su sofisticado lienzo de modelo de negocio revela un enfoque estratégico que integra sin problemas soluciones tecnológicas avanzadas con una profunda experiencia en el mercado financiero, posicionando a MKTX como un facilitador crítico de los ecosistemas de comercio electrónico modernos.

MarketAxess Holdings Inc. (MKTX) - Modelo de negocios: asociaciones clave

Plataformas de comercio electrónico y proveedores de tecnología financiera

MarketAxess colabora con múltiples plataformas de comercio electrónico para mejorar su conectividad de mercado:

Pareja	Enfoque de asociación	Año establecido
Mercados comerciales	Integración de comercio electrónico de renta fija	2014
Terminal de Bloomberg	Datos de mercado y conectividad comercial	2010
Triunfo	Expansión de la red de comercio institucional	2017

Importantes bancos de inversión y corredores de bolsa

La red clave de asociación institucional incluye:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Bank of America Merrill Lynch
• Citigroup

Empresas de análisis y análisis financieros globales

Proveedor de datos	Servicios de datos	Valor anual del contrato
Refinitiv	Precios de mercado y datos de referencia	$ 3.2 millones
S&P Global Market Intelligence	Análisis financiero e investigación	$ 2.7 millones

Cumplimiento regulatorio y socios de solución de tecnología

Socios de tecnología de cumplimiento primario:

• DTCC (Fideicomiso de depósito & Clearing Corporation)
• FIS Global
• Servicios regulatorios de Accenture

Valoración total del ecosistema de la asociación: $ 42.6 millones en acuerdos de colaboración a partir de 2024.

MarketAxess Holdings Inc. (MKTX) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de comercio de bonos electrónicos

MarketAxess opera el Plataforma de comercio de bonos electrónicos de Open Trading®, que procesó $ 1.9 billones en volumen de negociación total durante el tercer trimestre de 2023. La plataforma admite múltiples clases de activos, incluidos bonos corporativos, deuda de mercados emergentes y valores municipales.

Métricas de plataforma	2023 rendimiento
Volumen de negociación total	$ 1.9 billones (tercer trimestre de 2023)
Número de comerciantes activos	Más de 1.900 inversores institucionales
Cobertura del mercado global	Más de 25 países

Facilitación de liquidez del mercado

La compañía permite el comercio electrónico en múltiples mercados de ingresos fijos, con un enfoque en mejorar la transparencia y la eficiencia del mercado.

• Volumen de negociación del mercado de bonos corporativos: $ 4.7 billones (2022)
• Volumen promedio de negociación electrónica diaria: $ 17.5 mil millones
• Cuota de mercado en el comercio de crédito electrónico: aproximadamente el 20%

Innovación avanzada de tecnología de comercio

El mercado de marketAxes invierte significativamente en infraestructura tecnológica, con Gastos de I + D de $ 131.1 millones en 2022.

Inversión tecnológica	Cantidad
Gastos anuales de I + D	$ 131.1 millones (2022)
Personal de desarrollo tecnológico	350+ profesionales de tecnología

Investigación y análisis de mercado de crédito

MarketAxess proporciona inteligencia integral de mercado a través de su Inteligencia de Axess de mercado conjunto de herramientas analíticas.

• Cobertura de más de 30,000 instrumentos de bonos
• Datos de precios en tiempo real para múltiples mercados
• Modelos avanzados de precios algorítmicos

Implementación de la solución de comercio algorítmico

La compañía ha desarrollado sofisticadas capacidades de comercio algorítmico para mejorar la eficiencia del mercado.

Métricas de comercio algorítmico	Datos de rendimiento
Volumen de comercio algorítmico	35% del volumen de negociación electrónico total
Velocidad de ejecución	Ejecución comercial sub-segundo

MarketAxess Holdings Inc. (MKTX) - Modelo de negocio: recursos clave

Tecnología de comercio electrónico patentado

MarketAxess reportó $ 825.3 millones en ingresos totales para 2023, con una contribución significativa de su plataforma de negociación electrónica. La tecnología de negociación de la compañía admite más de $ 1 billón en transacciones mensuales del mercado de crédito.

Métrica de tecnología	Valor específico
Volumen de negociación de plataforma anual	$ 12.6 billones
Cuota de mercado de comercio electrónico	18.7%
Usuarios de la plataforma comercial	1,800+ inversores institucionales

Bases de datos de mercado financiero extensos

MarketAxess mantiene bases de datos integrales del mercado financiero que cubren múltiples clases de activos y mercados globales.

• Cobertura de datos de bonos corporativos: más de 35,000 emisores únicos
• Cobertura del mercado global: más de 60 países
• Datos de precios en tiempo real para valores de renta fija

Infraestructura informática de alto rendimiento

La compañía invirtió $ 78.2 millones en infraestructura tecnológica en 2023.

Infraestructura métrica	Especificación
Ubicaciones de centros de datos	3 centros de datos globales primarios
Inversión tecnológica anual	$ 78.2 millones
Tiempo de actividad del sistema	99.99%

Tecnología calificada e equipos de ingeniería financiera

MarketAxess emplea a 652 profesionales a tiempo completo al 31 de diciembre de 2023.

• Profesionales de tecnología: 42% de la fuerza laboral
• Titulares de grado avanzado: 68%
• Experiencia de equipo de tecnología promedio: 12.5 años

Cartera de propiedad intelectual fuerte

La Compañía mantiene una sólida estrategia de propiedad intelectual.

Categoría de IP	Recuento total
Patentes activas	37
Aplicaciones de patentes pendientes	18
Marcas registradas	22

MarketAxess Holdings Inc. (MKTX) - Modelo de negocio: propuestas de valor

Comercio electrónico de renta fija simplificada

MarketAxess reportó 2023 volumen de negociación electrónica de $ 31.2 billones en los mercados mundiales de renta fija. La plataforma procesó 22,500 operaciones diarias promedio en bonos corporativos, lo que representa una participación de mercado del 19.7% en el comercio de crédito electrónico.

Métrico comercial	2023 rendimiento
Volumen de comercio electrónico total	$ 31.2 billones
Nacidas promedio de bonos de crédito diarios	22,500
Cuota de mercado de comercio de crédito electrónico	19.7%

Transparencia del mercado mejorada

La plataforma de comercio Open de MarketAxess proporciona precios en tiempo real para más de 25,000 series de bonos corporativos a través de segmentos de grado de inversión y alto rendimiento.

• Cobertura de precios en tiempo real para más de 25,000 series de bonos
• Información transparente previa al comercio y post-comercio
• Acceso a más de 1.800 contraparidades comerciales institucionales

Costos de transacción reducidos para las instituciones financieras

El comercio electrónico de marketAxess reduce los costos de transacción en un estimado de 50-70 puntos básicos por operación en comparación con los métodos tradicionales de comercio de voz.

Métrica de reducción de costos	Porcentaje
Reducción de costos de transacción	50-70 puntos básicos

Eficiencia comercial avanzada y velocidad

La velocidad de ejecución de la plataforma promedia 8.2 segundos por operación, en comparación con 45-60 minutos en entornos de comercio de voz tradicionales.

Soluciones integrales de liquidez del mercado

MarketAxess proporciona liquidez en más de 50 países, con capacidades comerciales en mercados de bonos corporativos, gubernamentales y municipales.

• Cobertura comercial en más de 50 países
• Soluciones de liquidez de clase múltiple
• Acceso a mercados globales de renta fija

MarketAxess Holdings Inc. (MKTX) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas dedicada

MarketAxess ofrece una gestión de cuentas personalizada para inversores institucionales con 618 clientes corporativos a partir de 2023. La compañía mantiene un equipo de gestión de relaciones dedicado que sirve:

Tipo de cliente	Número de clientes
Bancos de inversión	187
Empresas de gestión de activos	276
Fondos de cobertura	155

Apoyo tecnológico continuo

Las métricas de soporte técnico para 2023 incluyen:

• Disponibilidad de soporte al cliente 24/7
• Tiempo de respuesta promedio: 12 minutos
• 98.7% de tiempo de actividad de la plataforma
• Equipo de soporte técnico: 82 profesionales dedicados

Configuraciones de plataforma de comercio personalizadas

MarketAxess ofrece personalización de la plataforma con las siguientes configuraciones:

Tipo de configuración	Tasa de adopción
Integraciones de API personalizadas	67%
Tablero personalizado	53%
Configuración de comercio algorítmico	41%

Información regular del mercado e intercambio de investigaciones

Estadísticas de distribución de investigación para 2023:

• Informes semanales del mercado: 52 por año
• Publicaciones mensuales de investigación en profundidad: 12
• Suscriptores totales de investigación: 456 clientes institucionales
• Canales de distribución de investigación: correo electrónico, plataforma, PDF

Interfaces de comercio de autoservicio digital

Métricas de uso de la plataforma digital:

Función de interfaz	Tasa de utilización
Acceso a comercio móvil	44%
Flujos de trabajo comerciales automatizados	39%
Panel de análisis de análisis en tiempo real	62%

MarketAxess Holdings Inc. (MKTX) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, MarketAxess mantiene un equipo de ventas directas de 298 representantes de ventas profesionales dirigidos a inversores institucionales e instituciones financieras.

Segmento del equipo de ventas	Número de representantes
Ventas institucionales	198
Ventas corporativas	64
Ventas del mercado global	36

Plataforma de comercio en línea

MarketAxess opera la plataforma de comercio de bonos electrónicos de comercio abierto con las siguientes métricas:

• Volumen de negociación diario promedio: $ 19.3 mil millones
• Volumen de negociación electrónico total en 2023: $ 4.7 billones
• Cobertura de la plataforma: 25 mercados de renta fija diferentes

Conferencias financieras y eventos de la industria

MarketAxess participa en 47 conferencias financieras anualmente, con representación en América del Norte, Europa y Asia.

Tipo de conferencia	Participación anual
Conferencias financieras globales	24
Foros de inversión regionales	15
Tecnología en eventos financieros	8

Marketing digital y comunicación

Los canales de marketing digital incluyen:

• Seguidores de LinkedIn: 89,000
• Seguidores de Twitter: 22,500
• Tráfico mensual del sitio web: 128,000 visitantes únicos

Redes de referencia de socios

MarketAxess mantiene asociaciones estratégicas con:

Categoría de socio	Número de socios
Instituciones financieras	286
Bancos de inversión	64
Plataformas de comercio global	17

MarketAxess Holdings Inc. (MKTX) - Modelo comercial: segmentos de clientes

Bancos de inversión

A partir de 2024, MarketAxess atiende a aproximadamente 350 bancos de inversión a nivel mundial. La plataforma maneja un volumen de negociación diario promedio de $ 650 millones en mercados de crédito para estas instituciones.

Categoría bancaria	Número de usuarios activos	Volumen comercial diario promedio
Bancos de inversión globales	185	$ 425 millones
Bancos de inversión regionales	165	$ 225 millones

Inversores institucionales

MarketAxess apoya a 1.200 inversores institucionales con soluciones comerciales electrónicas integrales.

• Fondos de pensiones: 380 usuarios activos
• Compañías de seguros: 275 usuarios activos
• Fondos de riqueza soberana: 120 usuarios activos

Empresas de gestión de activos

La plataforma atiende a 850 empresas de gestión de activos con $ 15.2 billones en activos totales bajo administración.

Tamaño firme	Número de empresas	AUM total
Grandes administradores de activos (> $ 100B)	125	$ 9.7 billones
Administradores de activos de tamaño mediano ($ 10B- $ 100B)	425	$ 4.5 billones
Pequeños administradores de activos (<$ 10b)	300	$ 1 billón

Departamentos del Tesoro corporativo

MarketAxess apoya 620 departamentos de tesorería corporativa en varias industrias.

• Sector de la tecnología: 180 departamentos
• Servicios financieros: 210 departamentos
• Fabricación: 150 departamentos
• Energía y servicios públicos: 80 departamentos

Fondos de cobertura y gerentes de patrimonio privado

La plataforma atiende a 520 fondos de cobertura y empresas privadas de gestión de patrimonio con $ 8.3 billones en activos administrados.

Segmento	Número de empresas	Activos bajo administración
Grandes fondos de cobertura (> $ 5b)	85	$ 4.6 billones
Fondos de cobertura de tamaño mediano ($ 1B- $ 5B)	235	$ 2.7 billones
Gerentes de patrimonio privado	200	$ 1 billón

MarketAxess Holdings Inc. (MKTX) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para el mercado de marketrajes en 2023: $ 42.3 millones

Componente de infraestructura tecnológica	Costo anual
Servicios de computación en la nube	$ 15.6 millones
Sistemas de seguridad de red	$ 7.2 millones
Mantenimiento del centro de datos	$ 12.5 millones
Licencia de software	$ 7 millones

Inversiones de investigación y desarrollo

Gastos de I + D para 2023: $ 53.7 millones

• Desarrollo de la plataforma de comercio electrónico: $ 22.4 millones
• Integración de IA y aprendizaje automático: $ 16.3 millones
• Innovación de ciberseguridad: $ 8,5 millones
• Herramientas de análisis de mercado: $ 6.5 millones

Compensación de empleados y adquisición de talento

Gastos totales relacionados con el personal en 2023: $ 187.6 millones

Categoría de gastos	Cantidad
Salarios base	$ 124.3 millones
Bonos de rendimiento	$ 38.2 millones
Costos de reclutamiento	$ 9.5 millones
Beneficios para empleados	$ 15.6 millones

Gastos de marketing y compromiso del cliente

Gastos totales de marketing en 2023: $ 24.8 millones

• Publicidad digital: $ 8.6 millones
• Conferencias y patrocinios de eventos: $ 6.2 millones
• Gestión de la relación con el cliente: $ 5.9 millones
• Marketing de contenidos y publicaciones: $ 4.1 millones

Gestión de cumplimiento regulatorio

Gastos relacionados con el cumplimiento en 2023: $ 18.5 millones

Área de cumplimiento	Costo anual
Servicios de asesoramiento legal	$ 7.3 millones
Sistemas de informes regulatorios	$ 5.6 millones
Capacitación de cumplimiento	$ 3.2 millones
Herramientas de auditoría y monitoreo	$ 2.4 millones

MarketAxess Holdings Inc. (MKTX) - Modelo comercial: flujos de ingresos

Tarifas de la comisión comercial

MarketAxess generó $ 812.3 millones en ingresos por comisión comercial en 2022, lo que representa un aumento del 5.4% desde 2021. La tasa de la Comisión de Comercio promedió 0.36 puntos básicos por transacción.

Año	Ingresos de la comisión comercial	Volumen de transacción
2022	$ 812.3 millones	$ 23.4 billones
2021	$ 770.5 millones	$ 22.1 billones

Acceso a la plataforma basado en suscripción

Las tarifas de acceso a la plataforma totalizaron $ 147.6 millones en 2022, con 1.850 suscriptores institucionales que utilizan la plataforma MarketAxess.

• Rango de tarifas de suscripción anuales: $ 50,000 - $ 250,000 por cliente institucional
• Crecimiento de ingresos por suscripción: 8.3% año tras año

Datos de mercado y ventas de análisis

Los ingresos por datos del mercado alcanzaron los $ 92.4 millones en 2022, lo que representa el 10.2% de los ingresos totales de la compañía.

Producto de datos	Ganancia	Recuento de suscriptores
Análisis de bonos corporativos	$ 45.2 millones	780 suscriptores
Ideas del mercado	$ 47.2 millones	1.100 suscriptores

Ingresos de licencia tecnológica

La licencia de tecnología generó $ 63.7 millones en 2022, con 42 instituciones financieras de licencia de tecnologías de marketamess.

• Tarifa de licencia promedio: $ 1.5 millones por institución
• Crecimiento de ingresos por licencias: 6.9% año tras año

Tarifas de consultoría de servicios profesionales

Los servicios de consultoría produjeron $ 38.5 millones en ingresos durante 2022, con 28 clientes corporativos que utilizan servicios de asesoramiento especializados.

Categoría de servicio	Ganancia	Recuento de clientes
Consultoría de estrategia comercial	$ 22.3 millones	18 clientes
Implementación tecnológica	$ 16.2 millones	10 clientes

MarketAxess Holdings Inc. (MKTX) - Canvas Business Model: Value Propositions

You're looking at the core benefits MarketAxess Holdings Inc. delivers to its institutional clients right now, late in 2025. It's all about access, speed, and data-driven execution.

Access to a diversified, all-to-all liquidity pool via Open Trading®.

The Open Trading® marketplace is the engine for this access, connecting a broad network. The platform supports a large user base, with approximately 2,100 firms leveraging MarketAxess Holdings Inc.'s patented technology to trade fixed-income securities. The depth of this pool is reflected in specific product volumes; for example, Open Trading® contributed to a record total average daily volume (ADV) of $4.8 billion in the first quarter of 2025.

Greater trading efficiency and potential cost savings for institutional clients.

Efficiency is quantified by volume growth and market share gains, showing clients are consolidating activity here. Total credit ADV in November 2025 reached $16.8 billion, an 18% year-over-year increase. This efficiency translates to market penetration, with estimated market share of U.S. high-grade TRACE rising to 18.9% in November 2025, up 80 basis points from the prior year. For U.S. high-yield, market share hit 14.6%, a 200 basis point improvement year-over-year.

The table below shows the growth in key credit segments driving this efficiency:

Metric (November 2025)	ADV Amount	Year-over-Year Change
Total Credit ADV	$16.8 billion	up 18%
U.S. High-Grade Credit ADV	$7.6 billion	up 16%
Emerging Markets ADV	$4.3 billion	up 12%
Eurobonds ADV	$2.7 billion	up 37%

Still, the average fee structure shows protocol mix impacts realized cost, with total credit variable transaction fees per million (FPM) at $139 in November 2025, a 5% decline compared to November 2024.

Automated and algorithmic trading solutions for faster execution.

The speed and automation are evident in the growth of specific execution protocols designed for larger trades, which inherently require faster processing.

• Block trading ADV grew 46% year-over-year in November 2025.
• Cumulative trading volume from the targeted block trading solution is now approximately $12 billion.
• Dealer-initiated ADV increased 32% year-over-year to $1.9 billion in November 2025.

Actionable, real-time data for price discovery and transaction cost analysis (TCA).

The data services are a growing component of the value proposition, moving beyond just trade execution. Information services revenue reflects this growth: it was $13.8 million in the third quarter of 2025, marking a 6% increase compared to the prior year. For the first quarter of 2025, Information services revenue was $12.9 million, up 9% year-over-year, driven by net new data contract revenue. Overall, MarketAxess Holdings Inc.'s trailing twelve months revenue as of 2025 is reported at $0.83 Billion USD.

New protocols like Portfolio Trading and Block Trading for large-ticket needs.

These newer protocols are showing significant adoption, indicating success in handling large, complex trades efficiently. Portfolio trading ADV in November 2025 was $1.4 billion, a 47% increase from the previous year. Specifically, U.S. credit portfolio trading ADV increased 55% year-over-year in November 2025. The estimated market share for U.S. credit portfolio trading reached 17.6% in November 2025, up from 13.5% in November 2024. For context, total portfolio trading ADV in the first quarter of 2025 was a record $1.3 billion, representing a 78% increase compared to the prior year.

Finance: draft 13-week cash view by Friday.

MarketAxess Holdings Inc. (MKTX) - Canvas Business Model: Customer Relationships

You're looking at how MarketAxess Holdings Inc. manages its relationships with the over 2,000 firms that leverage its platform for fixed-income trading. MarketAxess Holdings Inc. balances dedicated, high-touch service with scalable, automated tools for its institutional investor and broker-dealer clients.

The platform supports dedicated client franchise management through the growth seen in its Client-Initiated Channel, which includes block trading. For November 2025, block trading average daily volume (ADV) showed a 46% year-over-year increase. This channel also saw strong growth in specific segments, with emerging markets block ADV up 61% and eurobonds block ADV up 83% in November 2025. The cumulative trading volume from the targeted block trading solution reached approximately $12 billion as of November 2025.

Co-development is evident in the success of newer protocols and channels. For instance, the Portfolio Trading Channel saw total portfolio trading ADV increase by 47% to $1.4 billion in November 2025. The estimated market share of U.S. credit portfolio trading reached 17.6% in November 2025. In the third quarter of 2025, U.S. credit portfolio trading ADV was a record $1.1 billion, marking a 16% increase.

High-touch support for complex or large block trades is reflected in the performance of the block trading segment. In the third quarter of 2025, block trading ADV grew by 10% overall. This included 20% growth in emerging markets block ADV and 58% growth in eurobonds block ADV for the quarter. The cumulative trading volume from the targeted block trading solution was approximately $10.1 billion as of the third quarter end. The dealer-initiated channel, which also involves direct engagement, saw ADV increase by 32% to $1.9 billion in November 2025.

Automated, low-touch interaction is supported by the platform's self-service tools, particularly in the growth of dealer-initiated volume and technology services. Technology services revenue, which includes license and connectivity fees from the RFQ-hub acquired in Q2 2025, was $3.6 million in Q3 2025, a 20% increase year-over-year. The Dealer RFQ ADV in November 2025 was $1.9 billion, showing a 21% increase year-over-year. The platform connects a robust network of market participants through the full trading lifecycle, including automated trading solutions.

Metric Category	Specific Data Point (Late 2025)	Value/Amount
Client Base Size	Firms leveraging MarketAxess Holdings Inc. technology	Over 2,000
Block Trading ADV Growth (Nov 2025 YoY)	Client-Initiated Channel	46%
Portfolio Trading ADV (Nov 2025)	Total	$1.4 billion
Portfolio Trading ADV Growth (Nov 2025 YoY)	Total	47%
U.S. Credit Portfolio Trading Market Share (Nov 2025)	Estimated	17.6%
Block Trading Cumulative Volume (Nov 2025)	Targeted block trading solution	Approximately $12 billion
Dealer-Initiated ADV (Nov 2025)	Total	$1.9 billion
Q3 2025 Total Revenues	Financial Result	$208.8 million
Q3 2025 Services Revenue Growth (YoY)	Post-trade and technology services	9%

The growth in U.S. high-yield portfolio trading market share hit 25.9% in September 2025, representing an increase of approximately 730 basis points year-over-year.

You should check the Q4 2025 volume report when it releases to see if the momentum in block trading (e.g., emerging markets up 61% in November 2025) continues to drive the high-touch segment. Finance: draft 13-week cash view by Friday.

MarketAxess Holdings Inc. (MKTX) - Canvas Business Model: Channels

You're looking at how MarketAxess Holdings Inc. gets its value proposition to its institutional clients and dealers as of late 2025. The channels are clearly segmented, focusing on different trade sizes and dealer interactions, and the numbers show real traction in the newer initiatives.

The primary channel is the MarketAxess electronic trading platform itself, which supports all the specific protocols. For data products, delivery is via integrated data feeds and APIs. For instance, in the third quarter of 2025, Information Services revenue hit $13.8 million, marking a 6% increase year-over-year, which reflects the uptake of these data and connectivity services. Technology services revenue, which includes license and connectivity fees, was $4 million in Q3 2025, up 20%.

The platform supports several distinct workflow channels, which are showing solid year-over-year progress:

• - Direct access via the MarketAxess electronic trading platform.
• - Client-Initiated Channel for block and Request for Quote (RFQ) trading.
• - Portfolio Trading Channel for bulk trade execution.
• - Dealer-Initiated Channel, including the new Mid-X protocol.
• - Integrated data feeds and APIs for data product delivery.

The Client-Initiated Channel saw strong growth in block trading ADV (average daily volume). In November 2025, this channel delivered 46% growth in block trading ADV. This growth was broad-based: U.S. credit block trading rose 34%, emerging markets block trading jumped 61%, and eurobonds block trading surged 83% year-over-year. The cumulative trading volume from the targeted block trading solution reached approximately $12 billion through November 2025. To be fair, Q3 2025 block ADV growth was a bit more modest at 10% overall, but emerging markets and eurobonds still saw 20% and 58% growth, respectively.

The Portfolio Trading Channel is clearly scaling up. Total portfolio trading ADV increased 47% to $1.4 billion in November 2025, with U.S. credit portfolio trading ADV growing 55%. MarketAxess estimated its U.S. credit portfolio trading market share at 17.6% in November 2025, up from 13.5% the prior year. For the third quarter of 2025, total portfolio trading ADV was $1.4 billion, up 20%, and U.S. credit portfolio trading ADV hit a record $1.1 billion (a 16% increase).

The Dealer-Initiated Channel is also accelerating, partly due to the expansion of the Mid-X protocol. Dealer-initiated ADV grew 32% to $1.9 billion in November 2025. This was composed of a 21% increase in Dealer RFQ (DRFQ) ADV and a massive 153% increase in Mid-X ADV. The Mid-X protocol, which launched in US Credit in September 2025, is gaining traction; volumes for Mid-X sessions in emerging markets and eurobonds were up 70% in Q2 2025 versus Q2 2024. By December 2025, US Mid-X had printed over $2 billion, and over 60 unique dealer firms accessed the protocol across all regions. Also new in November 2025 was the unveiling of the Closing Auctions protocol, which is positioned as the first standardized market-wide auction protocol in fixed income.

The Open Trading channel, which provides direct access outside the traditional RFQ structure, remains a significant volume driver. For example, Open Trading ADV hit $5.5 billion in March 2025, and total Open Trading ADV was $5.0 billion in the second quarter of 2025.

Here's a quick look at the channel performance highlights from recent months:

Channel/Metric	Period	Value/Amount	Year-over-Year Change
Total Trading ADV	November 2025	$40.5 billion	-10%
Total Credit ADV	November 2025	$16.8 billion	+18%
Block Trading ADV (Client-Initiated)	November 2025	N/A	+46%
Portfolio Trading ADV (Total)	November 2025	$1.4 billion	+47%
Dealer-Initiated ADV (Total)	November 2025	$1.9 billion	+32%
Mid-X ADV (Dealer-Initiated Component)	November 2025	N/A	+153%
U.S. Credit Portfolio Trading Market Share	November 2025	17.6%	+410 basis points

Finance: draft 13-week cash view by Friday.

MarketAxess Holdings Inc. (MKTX) - Canvas Business Model: Customer Segments

You're looking at who MarketAxess Holdings Inc. serves in the electronic fixed-income space as of late 2025. It's a two-sided market, really, connecting those who need to trade with those who provide the prices.

The primary customer base is the Global Institutional Investors (buy-side). MarketAxess reports that approximately 2,100 firms leverage their patented technology to trade fixed-income securities efficiently. These firms are using the platform across all asset classes they cover.

On the other side, you have the Broker-Dealers (sell-side), who are essential for providing the liquidity that makes the platform work. MarketAxess serves both institutional investors and these broker-dealers across the global fixed-income markets.

The platform is heavily utilized by fixed-income traders focused on specific credit markets. The growth in their new initiatives shows where the action is for these traders:

• The Client-Initiated Channel saw block trading Average Daily Volume (ADV) growth in November 2025 of +34% in U.S. credit, +61% in emerging markets, and +83% in eurobonds, year-over-year.
• For context, in the second quarter of 2025, eurobonds block trading ADV saw a 100% increase.
• The Portfolio Trading Channel delivered a total portfolio trading ADV of $1.4 billion in November 2025.

Here's a quick look at the trading volume dynamics across those key credit segments based on recent data:

Segment Focus	Metric Type	November 2025 Value/Change
Total Credit ADV	ADV	$16.8 billion
U.S. Credit Block Trading	Year-over-Year Growth	+34%
Emerging Markets Block Trading	Year-over-Year Growth	+61%
Eurobonds Block Trading	Year-over-Year Growth	+83%
U.S. Credit Portfolio Trading	Year-over-Year Growth	+55%

Also, MarketAxess Holdings Inc. serves firms needing regulatory reporting and post-trade services, which is reflected in their services revenue. For the third quarter of 2025, services revenue, which combines post-trade and technology services revenue, hit a record of $28.7 million, marking a 9% increase. This shows a defintely growing need for their back-office and data solutions beyond just the execution.

MarketAxess Holdings Inc. (MKTX) - Canvas Business Model: Cost Structure

Full year 2025 GAAP expense guidance is between $505 million and $525 million. MarketAxess Holdings Inc. reconfirmed this guidance in November 2025, expecting to be at the low end of the range on a GAAP basis.

The cost structure is heavily influenced by personnel and technology investment. For the three months ended March 31, 2025, total expenses were $120,194 thousand.

Here is a look at the primary expense components for the first quarter of 2025:

Expense Category	Amount (in thousands)
Employee compensation and benefits	61,916
Total expenses	120,194

Employee compensation and benefits is definitely a major expense driver, accounting for approximately 51.5% of the total expenses reported for the first quarter of 2025 ($61,916 thousand / $120,194 thousand). The headcount at MarketAxess Holdings Inc. was 896 as of the third quarter of 2025, representing only a 2% increase from the prior year period and the end of the second quarter of 2025.

Technology and communication costs for platform infrastructure are a key area of investment. Total expenses for the third quarter of 2025 were $123.2 million, an increase of 3% from the prior year, driven principally by higher employee compensation and technology and communication costs. Technology Services revenue, which reflects some of the platform usage, was $4 million in the third quarter of 2025, a 20% increase year-over-year.

Sales and marketing expenses for client acquisition and retention are embedded within the overall operating costs. For the three months ended March 31, 2025, general and administrative expenses, which would include marketing, were part of the total expense base, though not explicitly broken out in the provided table snippets for that period.

Regulatory and compliance costs are inherent in operating in this highly regulated space. Expenses also include professional and consulting fees. The third quarter effective tax rate was 27.1%, up from 23.0% in the prior year, due to an increase in current period accruals for the uncertain tax position reserve established in the first quarter of 2025.

Quarterly total expenses have varied:

• - First Quarter 2025 (3M ended March 31, 2025): $120.2 million (using rounded figure from thousands).
• - Second Quarter 2025 (3M ended June 30, 2025): $127.6 million.
• - Third Quarter 2025 (3M ended September 30, 2025): $123.2 million.

MarketAxess Holdings Inc. (MKTX) - Canvas Business Model: Revenue Streams

You're looking at the core ways MarketAxess Holdings Inc. brings in cash as of late 2025. It's all about transaction flow and the services layered on top of that trading activity. Honestly, the numbers tell a clear story about where the money is coming from right now.

The Trailing Twelve Months (TTM) revenue ending Q3 2025 was $0.839 Billion, specifically reported as $839.26 Million. This shows growth compared to the $0.81 Billion revenue seen in the full year 2024.

The primary engine remains commissions, but the services side is growing its slice of the pie. For the third quarter of 2025, total revenues hit $208.8 million.

Here's a breakdown of those Q3 2025 revenue components, which helps you see the mix:

• Variable transaction fees (commissions) from trading volume are the largest component, derived from both credit and rates trading activity.
• Fixed-distribution fees from dealer participants are a steady, contractually-based part of the credit commission revenue.
• Information services revenue from data products like CP+ continues to see growth from net new data contracts.
• Post-trade and technology services revenue, which includes license fees, is also showing positive momentum.

To give you a clearer picture of the Q3 2025 revenue structure, look at this table:

Revenue Stream Category	Q3 2025 Amount (USD Millions)	Year-over-Year Change (Q3 vs Q3 2024)
Total Revenues	208.8	Increased 1%
Total Commission Revenue	180.2	In line with prior year
Credit Commission Revenue (Total)	164.9	Decreased 2%
Fixed-Distribution Fees (within Credit Commission)	34.1	Increased from $33.6 million
Implied Credit Variable Transaction Fees	130.8	Calculated (164.9 - 34.1)
Total Rates Commission Revenue	6.6	Decreased 6%
Information Services Revenue	13.8	Increased 6%
Post-Trade and Technology Services Revenue (Combined)	28.7	Increased 9%

You can see the variable component of credit commissions-that's the pure trading volume fee-was approximately $130.8 million for the quarter, calculated by taking total credit commission revenue of $164.9 million and subtracting the $34.1 million in fixed-distribution fees. That's a significant chunk of the total commission base.

Also note the growth in the services side, which is key for diversification. Services revenue, which bundles information, post-trade, and technology, hit $28.7 million, a 9% increase year-over-year for the quarter. Information services alone was $13.8 million.

The dealer-initiated channel, which includes some of the fixed fees, saw its average daily volume (ADV) increase by 18% to $1.5 billion in Q3 2025, showing activity supporting these revenue streams.

Finance: draft 13-week cash view by Friday.